HIGHLIGHTS
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TRENDS—Mixed: CZ, -$.0175; SX, -$.0350; WZ, +$.0275; KWZ, +$.03
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What caught my eye: average trade estimate for Sep 1 corn stocks implies 30 mbu or more use than USDA forecasting and apparently JJA feed/residual disappeance of over 700 million. Latter would be 100 mbu increase versus last year, less wheat fed??
· Equities higher despite U.S. politics. ASIA: Mostly lower--Nikkei, -0.77%; Shanghai, +0.11%; Hang Seng, -0.33%. EUROPE: Higher —DAX, +0.92%; FTSE, +1.21%; CAC, +0.43%. WALL STREET—Futures are positive-- DOW, +77; S&P, +10.00; NAS, +26.25. EXTERNALS: Nov crude: -$0.75 @ $55.66; Gold: -$15.20 @ $1,500; $ Index: +.106 @ 99.238
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T-storm Weather®: widespread rain affects the northwest two-thirds of the central U.S. over the next week as cooler air gradually replaces unseasonable mildness, turning wettest areas wetter. Some frost results late next week in northern corn and soybean areas of the Corn Belt and Plains, but warm soils, wet soils, and only marginal coldness prevent killing freezes. Elsewhere, thunderstorms continue to return to Brazil over the next two weeks, but only near- and below-normal totals are expected
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CZ, dn $.0175 @ $3.7075; CH, dn $.0175 @ $3.83. The funds sold off 5 K on Thursday
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SX, dn $.0350 @ $8.85; SF, dn $.0350 @ $8.9925. Funds: Even SB, sold 3 SBM, & 1 K SBO. Board Crush: $0.70, -5; LY, $1.41
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WZ, up $.0275 @ $4.87; WH, up $.0250 @ $4.9275. The funds were buyers of 4 K, some world crop problem concerns
CORN/SORGHUM
·  Unshipped 19/20 export sales of U.S. corn as of Sep. 19 were 315 mbu, down 47% from 595 mbu at this time a year ago and down 13% from 362 mbu two years ago
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T-storm Weather®: a wide area receives heavy rain the next 7 days, except for the Delta & southeast Corn Belt. More specifically, rain focuses on/near a swath from northern MO through eastern IA, northern IL, & WI today-Sunday
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ATI Research: Delayed development of 2019 U.S. corn highlighted; e.g. U.S. corn mature on average increases approx. 16% over Sep. 22-29 to approx. 73%; however, corn mature as of Sep. 22 was only at 29%
SOYBEANS/WHEAT
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Unshipped 19/20 export sales of U.S. soybeans as of Sep. 19 were 373 mbu, dn 38% from last year & dn 47% vs. 2017
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ATI Research: Delayed development of 2019 U.S. soybeans highlighted; e.g. U.S. soybeans dropping leaves on average increases approx. 17% over Sep. 22-29 to ~76%; however, soybeans dropping leaves as of Sep. 22 was only at 34%
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Unshipped 19/20 export sales of U.S. all wheat as of Sep. 19 were 173 mbu, up 1% from last year but dn 3% vs. 2017
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T-storm Weather®: much drier than normal conditions are forecast over the next 7 to 10 days for Australian wheat, with little to no rain; drought worsens
ENERGY
· Down: CLX19, -$0.75 @ $55.66; EBX, -$0.25 @ $62.49; EBX-QCLX, +.45; RBX, -.0173; NGX, -.014; HOX, -.0195
· Chicago ethanol rose $.01875 yesterday to $1.46750; basis values were weaker: NYC, -$.05875 @ $.06750; Gulf, -$.01875 @ $.0825; Dallas, -$.04875 @ $.0625; Tampa, -$.03875 @ $.1825; LA, -$.02375 @ $.1925
· Ethanol RINs were weaker with 2018’s, -$0.3750 @ 9 ½ -10 ½; 2019’s, also -.3750 @ 19 -20      
· The October RBOB/October ethanol recaptured some of its recent losses, uwider $.0270 to $.2172/gallon
LIVESTOCK/POULTRY <wbr> ;
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Choice boxed beef fell $1.12 on Thursday to $213.51 and is down $4.66 versus last week
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USDA Hogs and Pigs report: avg. est. All Hogs & Pigs, 102.9%; Kept for Breeding, 101.3%; Kept for Marketing, 103.0%
· USDA mandatory pork carcass cutout value jumped $2.30 on Thu. to $71.54 and is up $3.26 compared to a week ago
· CME Lean Hog Index firmed $0.05 on Thu. to $54.72. October futures eased $0.35 but are $9.505 above the index
Sources: Bloomberg, Dow Jones, AP, DTN, T-storm Weather